Selling Property in Barbados

Transaction Costs:

• Attorney Fees are approx. 1% - 2.5% plus 17.5% VAT
• Real Estate agent’s fees will be 4% to 5% plus 17% VAT – this fee includes marketing, viewing, signage, etc.
• Stamp Duty is 1%
• Property transfer tax id payable by the vendor at the following rates:
  • Unimproved property – 2.5%
  • Improved property
    • First US $75,000 is exempt
    • Amounts over US $75,000 – 2.5%

Standard Selling Procedure:

• Verbal offer and acceptance
• Appoint an Attorney-at-law
• Exchange of contracts with two to four weeks
• Provision of copies of prior deeds
• Draft conveyance sent to the purchaser’s attorney for perusal
• Signing of conveyance within three to six months
• Land tax bills and water bills must be fully paid up